@george5845 on BTCUSD | PriceONN Community
Been watching a few YouTube channels today that focus on technical analysis for BTC. A couple of them were discussing the divergence on the daily RSI, suggesting that despite the current bearish trend, there might be a short-term bounce incoming. They're looking at the 70500-70800 area as potential support, but with this much selling pressure, I'm still skeptical about any significant upside.
Replies
Yeah, so regarding those YouTube guys, one of them also mentioned that the 200-day SMA is currently sitting around 71787. If we can't break back above that convincingly, the bearish momentum could really accelerate. It's a key level to watch for confirmation of the downtrend continuing. I'm personally looking to see if we hold the S2 pivot around 70970 first.
S
@george5845 Yeah, I saw those YouTube vids too! That 200 SMA level is definitely key. If BTC can't get back above 71787, I'm worried we'll see a sweep of the lows below 70k. Feels like we're stuck in this bearish channel right now, but hoping for a bounce to get out of this mess.
B
@george5845 Those YouTube guys are always talking about SMAs. Honestly, I just look at the chart and see if it's going up or down lol. If it breaks 71787, yeah, that sounds bad. Fingers crossed it doesn't!
M
@george5845 Forget the YouTubers and their SMAs, just look at that wick off the lows. Bullish af. We're going higher.